The World - News from Oct. 27, 1987
Saudi Arabia registered an unprecedented budget deficit of $16.7 billion in the March-December period of 1986 and is quickly approaching depletion of its once-vast petrodollar reserves, the authoritative newsletter Middle East Economic Survey reported. The newsletter, based in Cyprus, quoted figures supplied by the Saudi Arabian Monetary Agency, the country’s central bank, as projecting a deficit of $14.1 billion for the current calendar year. But the agency now expects that the deficit may exceed the $21.1 billion for all of 1986, due to unrealistic expectations for oil revenues and a projected 38% drop in foreign investment.
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